Kering’s luxury jewellery business delivered a strong performance in the first half of 2026, with its family of high-end maisons posting robust double-digit growth and playing a central role in the French group’s return to positive comparable sales amid an uneven global luxury landscape. The results highlight how focused brand strategies and a resilient retail footprint can drive momentum even when broader market conditions vary by region.
The group’s Jewellery Houses division, which includes Boucheron, Pomellato and Qeelin, recorded €521 million in revenue over the first six months of 2026. This figure corresponds to a 14% increase on a reported basis and 20% growth on a comparable basis. Improved profitability accompanied this top-line expansion: recurring operating income rose to €32 million, and the division’s operating margin reached 6.2%, an uplift of 2.7 percentage points versus the prior year. Those margin gains reflect both higher sales and effective cost management across the jewellery maisons.
Momentum remained firm during the second quarter, when jewellery revenues climbed to €252 million, marking 15% reported growth and an 18% increase on a comparable basis. Kering’s directly operated boutiques were a particular highlight, delivering an impressive 28% comparable growth, which underscores the strength of its owned retail network and the value of direct customer engagement. By contrast, wholesale and other non-direct channels saw a slight 2% decline, reflecting ongoing channel shifts and the increasingly selective approach retailers are taking within the luxury jewellery category.
Geographically, the division benefited from broad-based demand, with notable strength in Japan, the wider Asia-Pacific region and North America. These markets together underpinned much of the sales uplift, demonstrating that Kering’s jewellery maisons resonate with consumers across diverse luxury markets. The ongoing appeal of established collections, coupled with timely product introductions, helped maintain relevance in competitive markets.
Among the maisons, Boucheron led the performance and posted another record quarter. The brand’s results were supported by strong demand in Japan and across Asia-Pacific and by the positive reception of new variations, notably the Quatre XS iteration of its well-known Quatre collection. Product innovation that respects heritage while introducing fresh expressions appears to be a key growth driver.
Similarly, Pomellato sustained its growth trajectory, continuing to benefit from steady consumer interest in Japan and North America and from the enduring popularity of its signature jewellery lines. Pomellato’s ability to combine distinctive design with consistent brand storytelling helped it maintain momentum in markets where consumers are seeking both craftsmanship and recognizable style cues.
Qeelin also reported positive growth, even as some market trends moderated. The brand’s strength remained concentrated in Asia-Pacific, where regional demand trends and cultural affinity for the maison’s aesthetic supported sales. Qeelin’s performance highlights the importance of regional positioning and targeted marketing in sustaining brand momentum.
At the group level, Kering Group posted €7.22 billion in revenue for the first half of the year, representing a 1% increase on a comparable basis. Second-quarter revenue amounted to €3.65 billion, up 2% year-on-year, marking the group’s first quarter of comparable sales growth after an extended period of slower performance. Together, these results suggest that Kering’s diversified brand portfolio and selective investments in product, retail and regional mix are contributing to a gradual recovery in comparable sales.
Overall, the first-half results for Kering’s Jewellery Houses underscore the resilience of luxury jewellery as a growth segment within the group, driven by targeted design innovation, strong performance in key geographic markets and the advantages of a robust direct retail network. As the global luxury market continues to evolve, Kering’s jewellery portfolio appears well positioned to capture demand where consumers prioritize craftsmanship, heritage and distinct design.